STEADY PROGRESS

Evening Post, Volume CIX, Issue 101, 1 May 1930, Page 15

STEADY PROGRESS

NEW ZEALAND I.M. AND D. CO,

The annual meeting of shareholders in the New Zealand Investment, Mortgage, and Deposit Co., Ltd., was held at noon to-day. Mr. Gerald Fitzgerald, chairman of directors, presided, and about twenty shareholders were present. In moving'the adoption of the annual report (already published), the chairman said: "With regard to the figures submitted, it will be seen that the capital remains as last year ia accordance with the directors' decision, although applications for shares have not been lacking. On the liabilities side of the balance-sheet deposits and accrued interest are ' £4204 above last year's figures, while the Reserve Fund is increased to £7000 by the allocation of £700 from the previous year. Investors are greater by £4,90 and sundry credit balances £150 more. On the assets side mortgages are £4718 more than previously, while special deposits are '£2000 greater, and the batik balance £370 less. In the profit and loss account interest paid is £167 more and charges and income tax generally increased,' while interest," fees, etc., received have advanced by £613. The net result is that the year's profit is £3784 7s Bd, as compared with £3543 12s 2d, thus enabling the continuance of the 7 per cent, dividend and the allocation of £1000 to reserve as compared with £700 'last year. By this accretion the reserve fund will stand at £8000, while the amount carried forward is £2322 7s lid, as against £2023 0s 3d. Members will appreciate from the foregoing that the company enjoys the continued' confidence of its shareholder and other depositors, as evidenced by the increase under this head. Businesa . has been steady throughout the year, and ' the affairs of the company have been free from' the fluctuation affecting the financial and other markets of .the community. Your- directors have endeavoured to exercise every care in the selection of securities and as before are pleased to state that the company is entirely free of bad or doubtful securities and that borrowers are meeting their obligations satisfactorily. It has not been the aim of the board to compete with Government; lending departments, and consequently there is no reason to view with apprehension any possible decline in property values. Shareholders will no doubt appreciate that the board has nothing sensational to announce and that the progress of the company is marked by steady and continuous advancement —'suiting from careful and prudent administration. The satisfactory state of the company's business as shown by the balance-sheet is a source of gratification to directors, and probably also to the shareholders." ' The motion was adopted. / Tho retiring director, Mr. Gerald Fitzgerald, was re-elected, as was the retiring auditor, Mr.'Oscar G. Kember. On the motion of Mr. A. Milligan, the directors were voted a bonus o£ £50 in appreciation of their services. The meeting concluded with a hearty vote of thanks to the directors and to the secretary (Mr. C. S. B. Lambert) and staff for their efficient service;'.